What is Sei Network?

Sei Network is a layer 1 blockchain and a smart contract blockchain designed specifically to build on-chain trading applications such as DeFi and NFTs.

Sei’s goal is to bring orderbook models that use in the centralized exchanges on-chain. Sei wants to solve the problem of high transaction costs, slow trade execution, and inaccurate pricing. Sei wants to improve on-chain trading dApps.

The advantage of centralized exchanges are near-zero transaction costs and near-instant order executions. 

On the other hand, decentralized exchanges create network congestion, they have high transaction costs, and slower execution. But it decentralized.

Sei has created built-in orderbook infrastructure, it has fast execution and decentralized.

Technical Information

Sei Network was built using Cosmos SDK.

Time to finality: 0.5 second.  It is one of the fastest blockchains and the fastest Cosmos SDK chain.

Speed comes with trade-off in decentralization. Sei Network has 35 validators. At least 1,000 validators are required to create a decentralized blockchain. 

app.sei.io/stake 

Throughput: 20,000 TPS.

Mechanism for processing transactions: Proof-of-Stake.

Max Supply: SEI does not have a max supply. Its inflation comes from staking rewards. SEI currently has a total supply of 10 billion SEI.

SEI’s first trading day was August 15, 2023.

On August 16, 2023 SEI becomes 91^st largest crypto by market cap.

It has a market cap of $391 million and a fully diluted market cap of $2.179 billion.

sei.io/ecosystem

Sei Labs has raised $120 million which enable Sei to develop its blockchain and build growth. The next step for Sei Network is to bring developers to build DeFi, NFT, and game platforms on Sei Network.

Sei has a goal to create a faster confirmation time. Fast blockchains such Solana, Near, or Polkadot can process a transaction within 6 seconds, they still have problem on the finality side. Oftentimes blocks get confirm slowly especially when the blockchain has traffic congestion.

We need to wait and see that can SEI make trading on-chain as smooth as centralized exchange or not.